The San Siro Stadium, home to Italian giants Inter and AC Milan, will be demolished with a new ground set to be built nearby, it was confirmed on Monday.

Best Choice Sports understands that AC Milan president Paolo Scaroni announced the club’s intentions to tear down the iconic ground, officially known as the Giuseppe Meazza Stadium, in order to build a new home.

“Everything is proceeding,” he told newsmen.

The San Siro originally opened in 1926 as the home of AC Milan, with Inter entering a ground-share with their rivals in 1947 and staying there ever since.

The stadium currently boasts a capacity of slightly more than 80,000 supporters, but the proposed new ground will see that number reduced to 60,000.